H.R.627 - Credit CARD Act of 2009

To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. view all titles (10)

All Bill Titles

  • Official: To amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan, and for other purposes. as introduced.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as introduced.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as reported to house.
  • Short: Credit Cardholders' Bill of Rights Act of 2009 as passed house.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009, or the Credit CARD Act of 2009 as passed senate.
  • Popular: Credit CARD Act of 2009 as introduced.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as passed senate.
  • Short: Credit CARD Act of 2009 as passed senate.
  • Short: Credit Card Accountability Responsibility and Disclosure Act of 2009 as enacted.
  • Short: Credit CARD Act of 2009 as enacted.

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texasbud 06/12/2009 12:41pm

A family member of mine has a stellar credit card rating and the company cancelled her account for lack of use. Talk about retalliation… Someone who is fiscally responsible is not as profitable. How do you make a fiscally responsible person profitable to a credit card company? Shut down their account which negatively affects their credit card rating. There is only incentive for them to do this without regulation. When your account is cancelled you have less available credit, thus driving down the FICO score which is used as a standard of credit lending. Pretty soon, that score will be measured on how profitable one is to a credit card company rather than how fiscally responsible one is!

texasbud 06/12/2009 12:37pm

right on!

mpaone 05/22/2009 5:36am
in reply to madvilletimes May 18, 2009 2:30pm

Here, here.

madvilletimes 05/18/2009 2:30pm

If your business relies on people sticking their hand in the fire, you need a new business.

I’m from South Dakota, where our governor tells us we stand to lose up to 5000 jobs at places like Citigroup and Premier Bankcard. To stay profitable, these companies need the ability to take advantage of folks with bad credit and folks who miss a payment or don’t read the fine print (and come on, how many of us have read every word on every notice our credit card companies send out?). I say any business model based on deception and manipulation like that deserves to be regulated out of business. Shut them down; we South Dakotans can find a healthier basis for our economy than usury.

bullshit 05/13/2009 8:14pm
Link Reply
+ -3

You know, if I put my hand in a fire, i learn. If I don’t even get a chance to learn, then i will never know.

If you don’t read what you are signing up for, it’s really your own fault. I have bad credit, I understand I pay more for it, and i manage myself appropriatly. If others cann’t do that, why do I have to be controled so others can be?

Government needs to stop trying to take control of everything. They haven’t done a good job and are not about to start making good judgements for me. If they cann’t even handle thier own spending how can they really claim they can fix this? And, to boot, it’s a non issue. Really, why focus on this when there are real issues that are life threating?

This isn’t really a non issue, it’s a less than important issue compaired to out of control spending by the people who want to controll this??

my opinion. :)

carigis 05/03/2009 12:53am

personal responsibility is one thing, and has nothing to do with this bill. this bill addresses known abuses and potential areas of abuse by card companies.

the fact is, that with credit cards fast replacing cash as our nations currency , credit card companies are one of the FEW industries the GOVT should be heavily scrutinizing. They are also the only types of contract that the issuer can change the interest rate as they please and unilaterally on money already owed by a consumer. This law basically just codifies existing rules so that they are harder to change by a card friendly administration in the future

thecat 05/02/2009 2:20pm

If Congress wants to really help the people of this Country, regulate the amount of interest the credit card companies can charge. When you start at a 7% interest and then they increase it to 23% if you’re not able to pay off your balance in full, that’s highway robbery; and this is when you make your payments every month as required. Not everyone is about to pay their balance off in full each month and the credit card companies take advantage of it. By the time the balance is paid in full, the interest accummulated would have paid the original balance off several times over. You might as well have gone to a loan shark, same thing.Congress never wants to change anything that effects money, when the big companies that invest in their campaigns might not like it. Imagine that!

michele2007 04/27/2009 1:31am

Credit Cards should not be able to break contracts. To people who pay their cards off each month and have no balance and are happy with that, I guess they haven’t hit you with the $150 yearly fee yet that you never had before or lowered your credit limit for no reason.

Filtered Comment [ show ]

daringone 04/23/2009 6:08am

I’m torn on this one. On one hand, I’m thinking you should have to be responsible for knowing that you’re signing up for a card with terrible terms. On the other hand, cards like specific store cards (Best Buy, Macy’s and the like) that by default carry ridiculous rates of over 20% regardless of how good your credit may be is outright usury. I think any law that forces more notification to the consumer of anything the card company is doing that essentially affects the payment is probably a good one.

Tinalouise99 04/23/2009 2:58am

I cut-off time for agree Credit card companies have run a muck with interest rates – but when we start regulating payment cut off times AND making a law to say if a payment is mailed 7 days before it’s due then the company has to consider the payment ‘on time’ That’s just going too far!!

This is just another step to the government ‘helping’ out every aspect of our lives. I have two credit cards and don’t carry a balance. I read the disclosures when I signed up for the cards. The last thing I want is the government to come in and tell me these companies have been treating me unfairly. They haven’t – I play by and KNOW the rules.

carigis 04/19/2009 2:39pm

anything to reign in card companies is good in my book…. now lets change the max interest rate to 15% and we have a start.


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